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Loosing ground

16 August 2004 Angelo Coppola

(17.8.04) The rand was weaker against major currencies in late afternoon trade yesterday trade yesterday on the back of continued negative sentiment following Thursday's announcement of a surprise 50-basis point cut in the repo rate to 7,5%.

RMB AM and Business Day report that market analysts said that the local unit could lose more ground in the coming days. I late afternoon, the rand was quoted at R7,5700 to the dollar from R6,4801.

It was quoted at R8,0969 to the euro from Friday's R8,0006 and at R12,020 against sterling from a previous R11,9370.

The rand is looking a bit weak and US data did not help matters much - net capital inflows rose sharply in June, which helped put the dollar on the front foot.

Given perception that last week's rate cut may have had a political swing factor, the market is still suffering from poor sentiment.

Market talk is that the rand may weaken.

The dollar posted modest gains against most major currencies yesterday after a report on flows into US assets showed enough of a rise in foreign investments to offset the current account gap for the month.

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